Tellurian Reports Second Quarter 2018 Results
08 August 2018 - 9:36PM
Business Wire
Tellurian Inc. (Tellurian) (NASDAQ: TELL) continued to build its
global natural gas business during the second quarter of 2018.
Notable Tellurian achievements:
- Generated approximately $115.2 million
in proceeds from a public offering of common stock.
- Received a Coastal Use Permit from the
Louisiana Department of Natural Resources and Air Permits from the
Louisiana Department of Environmental Quality for the Driftwood
Project.
- Closed two open seasons on proposed
pipelines – the Permian Global Access Pipeline and the Haynesville
Global Access Pipeline – receiving non-binding indications of
interest for both projects in excess of available capacity.
- Advanced the sale of LNG and Driftwood
Holdings’ partnership interests, with approximately 25
customer/partners conducting due diligence.
President and CEO Meg Gentle said, “All the pieces of the
integrated project are coming together as planned, and we remain on
schedule to announce our partners in the third or fourth quarter,
begin construction of Driftwood LNG in first half 2019, and deliver
LNG to the global market in 2023.”
Estimated Driftwood project timeline Catalyst
Estimated timeline Final Environmental
Impact Statement 12 October 2018 FERC order
and Federal Authorization Decision Deadline 10
January 2019 Driftwood final investment decision
1H 2019 Begin construction 1H 2019
Begin operations 2023
Financial results
Tellurian ended its second quarter of 2018 with approximately
$196.8 million of cash and cash equivalents and no debt. We have a
strong balance sheet consisting of approximately $373.5 million in
assets, of which approximately $90.3 million represents our proved
natural gas properties.
Tellurian reported a net loss of approximately $35.9 million, or
$0.17 per share (basic and diluted), for the three months ended
June 30, 2018.
About Tellurian Inc.
Tellurian was founded by Charif Souki and Martin Houston and is
led by President and CEO Meg Gentle. Tellurian intends to create
value for shareholders by building a low-cost, global natural gas
business, profitably delivering natural gas to customers worldwide.
Tellurian is developing a portfolio of natural gas production, LNG
trading, and infrastructure that includes an ~ 27.6 mtpa LNG
export facility and an associated pipeline. Tellurian is based in
Houston, Texas, and its common stock is listed on the Nasdaq
Capital Market under the symbol “TELL”.
For more information, please visit www.tellurianinc.com.
Follow us on Twitter at twitter.com/TellurianLNG
CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING
STATEMENTS
This press release contains forward-looking statements within
the meaning of U.S. federal securities laws. The words
“anticipate,” “assume,” “believe,” “budget,” “estimate,” “expect,”
“forecast,” “initial,” “intend,” “may,” “plan,” “potential,”
“project,” “proposed,” “should,” “timeline,” “will,” “would,” and
similar expressions are intended to identify forward-looking
statements. Forward-looking statements herein relate to, among
other things, the capacity, timing, and other aspects of
Tellurian’s projects and business and potential related financing
transactions. These statements involve a number of known and
unknown risks, which may cause actual results to differ materially
from expectations expressed or implied in the forward-looking
statements. These risks include the matters discussed in Item 1A of
Part I of the Annual Report on Form 10-K for the fiscal year ended
December 31, 2017 filed by Tellurian with the Securities and
Exchange Commission (the “SEC”) on March 15, 2018, and other
filings with the SEC, all of which are incorporated by reference
herein. The forward-looking statements in this press release speak
as of the date of this release. Although Tellurian may from time to
time voluntarily update its prior forward-looking statements, it
disclaims any commitment to do so except as required by securities
laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20180808005346/en/
Tellurian Inc.Media:Joi Lecznar, +1.832.962.4044SVP
Public Affairs and
Communicationjoi.lecznar@tellurianinc.comorInvestors:Amit
Marwaha, +1.832.485.2004Director, Investor
Relationsamit.marwaha@tellurianinc.com
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